46-83 Property owner portion - improve streets BAN

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ORDINANCE NO. 46-83 By: Brown, Chinnock, Gallagher, Graham, McBride, Salmon, Wendling AN EMERGENCY ORDINANCE to provide for the issuance of notes of the City of Lakewood, Ohio, in anticipation of the issuance of bonds, for the purpose of paying the property owners' portion, in anticipation of the levy and collection of special assessments, and the City's por- tion of the cost of improving certain streets in the City of Lakewood, Ohio, by the necessary grading and replacement of the base, resurfacing with asphaltic concrete, including the necessary replacement and reset- ting of castings together with the necessary appurtenances thereto. WHEREAS, pursuant to Ordinance No. 33-80 passed May 5, 1980, this Council authorized the issuance of notes in anticipation of the issuance of bonds in the principal amount of $360,000 for the purpose hereinafter stated, which notes were dated July 1, 1980, and matured on 3uly 1, 1981, which notes were renewed annually, the most recent renewal being in the principal amount of $220,000 authorized by Ordinance No. 37-82 passed May 17, 1982, which notes are dated July 1, 1982 and will mature on July 1, 1983; and WHEREAS, the amount of $80,000 is now available to apply against the principal of said notes and that after the application of said $80,000 to the payment thereof, the remaining outstanding principal amount of said notes (to-wit, $140,000) shall be funded by the issuance of new notes in anticipation of the issuance of bonds for the purpose hereinafter stated; and WHEREAS, the Director of Finance, as fiscal officer, has certified to this Council that the estimated life of the improvements hereinafter mentioned is at least five (5) years and has further certi- fied the maximum maturity of the hereinafter mentioned bonds is five (5) years and that the maximum maturity of notes issued in anticipation of